Expert Company LiquidatorsServing Laleham Directly

The cost varies depending on the complexity of the case, the size of the company, and the type of liquidation required. Creditors' voluntary liquidations are often funded from the company's assets, while members' voluntary liquidations require a fixed fee. Always request a detailed quote before proceeding.

A creditors' voluntary liquidation is used when a company is insolvent and cannot pay its debts. A members' voluntary liquidation is used when a company is solvent but the directors wish to close it. The latter requires a statutory declaration of solvency, and the former involves a meeting of creditors.

A members' voluntary liquidation typically takes between six and twelve months, depending on the complexity of asset realisation. A creditors' voluntary liquidation may take longer if there are disputed debts or legal challenges. The liquidator will provide a timeline after the initial assessment.

Yes, but the director may need to fund the liquidation personally if there are no assets to cover the fees. Some liquidators offer payment plans, and in certain cases, an application to strike off the company may be more appropriate. Professional advice is essential to avoid personal liability.

Employees are made redundant on the date the liquidation begins. They may be able to claim statutory redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance to affected staff.

Yes, alternatives include a company voluntary arrangement, administration, or informal restructuring with creditors. Sometimes a simple strike-off is possible if the company has no debts. A licensed insolvency practitioner can help you compare these options and choose the least damaging route.

No, shareholders can also petition for a winding-up order, but the most common route is for directors to pass a board resolution and seek shareholder approval. Creditors can also apply to the court for a compulsory liquidation if debts are unpaid. Professional advice is recommended.

Directors must cooperate fully with the liquidator, provide all company records, and disclose any transactions made in the months before liquidation. They must also avoid wrongful trading, which means continuing to trade while knowing the company cannot avoid insolvent liquidation.

Yes, but there are restrictions. If you have been a director of a company that went into compulsory liquidation, you may need permission from the court to act as a director of another company. This is less common in voluntary liquidations, but you should seek legal advice.

You will need to provide up-to-date financial statements, a list of creditors and debtors, details of any assets, and records of any recent transactions. The liquidator will also ask for a statement of affairs, which lists the company's assets and liabilities in a prescribed format.